Canada Revenue Agency: Two Years Less a Day and $50,000 Fine for Brampton Tax Preparer

BRAMPTON, ONTARIO--(Marketwire - Oct. 26, 2009) - William "Billy" Ankomah, of Brampton, pleaded guilty to one count of fraud over $5,000 on October 16, 2009. He was sentenced to two years less a day house arrest to be served conditionally, and was fined $50,000 in the Superior Court of Justice in Brampton.

A joint Royal Canadian Mounted Police (RCMP) and Canada Revenue Agency (CRA) investigation revealed that Ankomah, operator of Tax Help Centre/Trusco Personal Taxes, prepared and filed false personal income tax returns on behalf of 23 of his clients. For a fee, Ankomah overstated charitable donation receipts from various charities on his clients' income tax returns. During the 2003 to 2006 tax years, Ankomah issued $331,716 in fraudulent charitable donations, and in doing so, helped his clients claim over $134,124 in non-refundable tax credits.

Taxpayers who claim false expenses, credits or rebates from the government are subject to serious consequences. They are liable not only for corrections to their tax returns and payment of the full amount of tax owing, but also to penalties and interest. In addition, if convicted of tax evasion, the court may fine them up to 200% of the tax evaded and sentence them for up to a five-year jail term.

Individuals who have not filed returns for previous years, or who have not reported all of their income, can still voluntarily correct their tax affairs. They will not be penalized or prosecuted if they make a full disclosure before the Agency starts any action or investigation against them. These individuals may only have to pay the taxes owing, plus interest. More information on the Voluntary Disclosures Program (VDP) can be found on the CRA's website at www.cra.gc.ca/voluntarydisclosures

The information in this news release was obtained from the court records.